After US President Donald Trump’s election triumph propelled the flagship cryptocurrency to new heights. Repeatedly during this month, the price of Bitcoin is on course for one of its best months of the year.
According to Coin Metrics, Bitcoin is expected to rise 38% in November. That is the most since February when it rose 45% with the introduction of spot Bitcoin ETFs. Its first new record of the year since November 2021 was also surpassed by that.
Bitcoin last had an intraday increase of over 2%, closing at $97,081.81. It has previously reached a high of $98,722.00. Bitcoin proxies MicroStrategy and Mara Holdings increased 0.67% and 1.86%, respectively, while Coinbase dropped 4.75%.
In November, Trump’s second term as president was being priced in by investors. He presented himself to Americans during his reelection campaign this year as the person who would rescue the cryptocurrency industry from a period of darkness that many saw as characterized by the lack of clear regulations governing digital assets and the Securities and Exchange Commission’s (SEC) regulation-by-enforcement strategy toward crypto companies under Chair Gary Gensler.
Following Trump’s win, bitcoin surged to within a few hundred dollars of the much-awaited $100,000 milestone. Another Trump term is anticipated to give the fledgling cryptocurrency sector more legitimacy, but it also acts as a macro catalyst by suggesting bigger budget deficits, possibly higher inflation, and adjustments to the dollar’s global role, all of which would boost the price of bitcoin.
Strong inflows, including their greatest day of inflows ever at one point, were recorded by bitcoin ETFs following the election, spearheaded by BlackRock’s well-liked IBIT fund. At first, these inflows offset sell pressure from long-term investors who took profits at all-time highs. A new method of trading and speculating on the price of bitcoin was introduced at the same time that options on bitcoin ETFs started trading. Are you a bitcoin investor? Share your opinion through the comment section. For news & daily updates you can also follow allbusinessinsider.
